What are remittances?

Remittances are when people send money from one place to another to help their family or friends.

Imagine you're playing with your toys at school, and your mom works far away in a different city. She earns money there, and every week she sends some of it back home so you can buy more toys or eat your favorite snack. That’s remittances, the money people send to help their loved ones.

Think of remittances like sending a gift through the mail. Your mom writes a letter, puts money in an envelope, and sends it to you. You get that envelope, open it up, and now you have more money for your toys or snacks. This happens regularly, every week, every month, so you always have something new to play with.

Sometimes, people send remittances not just for fun, but because they want to help their family live better. Maybe the money helps pay for school, food, or even a house. It's like your mom is giving you a special gift every week, and it makes life easier at home.

So, remittances are like regular gifts sent from one place to another, helping people live better lives.